The Indian stock market witnessed a volatile trading session on Monday, with the benchmark indices closing in the red but making a sharp intra-day recovery from their lows.

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The Sensex fell by 361 points to close at 57,629, while the Nifty slipped by 112 points to close at 16,988. The financial sector led the recovery after Sensex and Nifty breached the October 2022 lows. Nifty Bank closed 236 points lower to 39,362, while the midcap index fell 310 points to 29,783. Except for FMCG and media, all sectoral indices closed lower, with metal being the top losing index.

The market sentiment remained weak, with Reliance Industries (RIL) slipping for the eighth straight session, marking its biggest losing streak in nine years.

The stock also hit a 52-week low. Except for Adani Green, all the Adani Group stocks fell, down up to 5 percent. IT stocks remained under pressure on the back of a global banking crisis, with Nifty IT falling over 1 percent. Except for Kotak Bank and Federal Bank, all Nifty Bank constituents slipped, with HDFC Bank being the top loser.

On the positive side, oil marketing companies (OMCs) gained in a weak session as crude oil hit a fresh 15-month low, with Brent near $71. Gold surged to a record high, helping Muthoot and Manappuram gain, with Muthoot up 2 percent. Can Fin Homes closed off lows after announcing Suresh Iyer as the new MD and CEO. Meanwhile, Balrampur Chini, HAL, India Cements, Piramal Enterprises, and Max Financial Services were the top midcap losers.

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The market breadth was firmly in favor of declines, with the advance-decline ratio at 1:3. BSE companies erased market cap of Rs. 1.88 lakh crore today.

Overall, the market witnessed a mixed session with a negative bias, as the concerns over the global economic slowdown and the ongoing banking crisis continued to weigh on the investor sentiment.

Also read: Stock Market Highlights: Sensex, Nifty 50 end lower but off lows, global markets under pressure